The government issued three consultation papers on subsidy for capital investment, under the new regime giving local authorities greater freedom over investment decisions. In particular, it considered a replacement for the measures of net indebtedness in the housing revenue account (used to determine the account's contribution to an authority's debt charges), and authorities' entitlement to housing revenue account subsidy in respect of capital charges.
Source: Future Housing Capital Financing Arrangements: Consultation paper, Office of the Deputy Prime Minister (020 7944 3000) | New Prudential System of Local Government Capital Finance: Consultation on draft regulations, Office of the Deputy Prime Minister | Support for Local Authority Capital Investment, Office of the Deputy Prime Minister
Links: Future Arrangements (pdf) | Future Arrangements | New Prudential System | Support for Capital Investment (pdf) | IPF press release
Date: 2003-Aug
The government confirmed plans to abolish the local authority social housing grant, which it described as 'an unfair funding mechanism that was consistently underspent'. At the same time it announced a 110 million increase in transitional funding to help provide affordable housing. Social housing organisations expressed continuing concern over the effect on social housing projects.
Source: House of Commons Hansard, Written Ministerial Statement 5.3.03, column 82WS, TSO (0870 600 5522) | Press release 5.3.03, Office of the Deputy Prime Minister (020 7944 3000) | Press release 5.3.03, National Housing Federation (020 7278 6571)
Links: Hansard 5.3.03 | ODPM press release | NHF press release (pdf) | Hansard 27.3.03
Date: 2003-Mar
The government amended local authority finance regulations, allowing authorities in England to use up to 100 per cent of the capital receipts from disposing of certain housing assets (excluding 'right to buy' sales and voluntary stock transfers) for the provision of affordable housing.
Source: Local Authorities (Capital Finance) (Amendment) (England) Regulations 2003, Statutory Instrument 2003/43, TSO (0870 600 5522)
Links: Statutory Instrument
Date: 2003-Jan
